It’s now the third week of March, and we’re on the heels of a massive amount of money flowing out of crypto. But, the entire crypto space is still waiting for The Reversal: 2018 Edition. Good news and bad news has swirled around this week lately (coupled with massive BTC swings).
To help you HODL or FUD (pick your poison), here’s our Breakdown:
FUD: Google, FB and Twitter ban crypto ads
There’s been a lot of controversy lately about cryptocurrency and its tendency to be fraudulent. And the pressure, coupled with criticism on how they handled fake news, has caught up to social media. As websites report, Facebook and Google have banned cryptocurrency ads, and Twitter followed suit after pressure from both social media sites. As they report, Twitter may also ban all ads for cryptocurrency exchanges, with some limited exceptions, when the policy is launched. It follows an announcement by Facebook in January that it would begin prohibiting ads that promote financial products and services which are “frequently associated with misleading or deceptive promotional activities”. On Wednesday, Google announced it too would begin restricting ads for cryptocurrencies and related content, including initial coin offerings, cryptocurrency exchanges, wallets and trading advice services.
How this will affect cryptocurrency and marketing strategies of ICO Companies remains to be seen.
HODL: US Congress says “thumbs up” to crypto and blockchain
The anticipated report of the United States Congress regarding cryptocurrencies and blockchain technology was just released, and it was overwhelmingly positive. The declared that the buzz regarding blockchain was like “the internet in the 1990s”, and declared that one day, crypto may even outshine fiat, criticizing the fiat’s “supply preprogrammed and [is] perceived as unchangeable.” They praised the blockchain as “Safe and Secure”, and basically, calling it the future, to quote:
“Developers, companies, and governments recognize the potential and have already starting to implement blockchains for many different uses. For instance, health care providers, patients, and policymakers continue searching for portable and secure ways to store medical records digitally.”
FUD: Trump bans Venezuela’s Petro Crypto in the US
Petro has been in the radar of many potential buyers lately, pushed by the Venezuelan government as their official cryptocurrency. But apparently, Trump doesn’t like it. Seen as a move to pressure Venezuelan President Nicolas Maduro,
Trump issued an order on Monday prohibiting U.S. citizens from engaging in transactions using the oil-backed currency, called the Petro. He authorized Treasury Secretary Steven Mnuchin to issue any necessary regulations to enforce his order. Maduro created the currency to try to salvage his country’s failing economy, where inflation is estimated to spiral to 13,000 percent this year. The ban complicates the Maduro government’s efforts to boost its foreign reserves through a digital token. Venezuela’s offering accepted transactions in U.S. dollars and euros, meaning that Venezuelan citizens are forbidden from participating given a ban on buying foreign currency.
The Treasury Department further warned investors in January to avoid the Petro, calling it “another attempt to prop up the Maduro regime, while further looting the resources of the Venezuelan people.”
The Petro, one of the first of its kind in the world, may take a bump with its ongoing ICO. Here’s a website of the ICO.
HODL: China and Korea show signs towards allowing ICOs again
It’s official: Even state backed Chinese shows now call crypto “the future”, and is generally seen as a sign of China, finally, being bullish on blockchain technology and a possible relaxation of the “ICO ban” that started last year.
Even Korea is following China’s coattails, as the Korean Times reports that the blockchain innovative country shows signs of finally allowing ICOs under new regulations. “The financial authorities have been talking to the country’s tax agency, justice ministry and other relevant government offices about a plan to allow ICOs in Korea when certain conditions are met,” said a source asking for anonymity as he wasn’t authorized to speak to the media. The plan, if implemented, will be a major reversal as last September the government banned ICOs, claiming cryptocurrencies were neither money, nor currency or financial products. Despite this, the administration has yet to implement the ICO rule and hasn’t forced companies to return ICO funds. It also continues to let local investors put money into foreign ICOs and digital currency exchanges operating within the country.